Business owners don’t wake up one day and decide they want to scale their small business. Instead, attainable scalability takes time and planning to find effective strategies for your business.
Ramping up marketing, expanding product lines, building brand image, bringing on more help, and reviewing market feedback are five ways that small business owners are able to scale their business without draining their bank accounts.
Option #1: Ramp Up Marketing
Marketing is the top way that small businesses are able to scale their business. Most social media platforms allow you to post content for free; otherwise, you can pay minimal fees to promote your ads. One viral video gives you access to thousands of consumers, which you might be able to convert to customers.
Consider your current target demographic before you take your content to social media. You want to be sure you are targeting the correct group for your product or service. For example, if you repair roofs, you wouldn’t want to target consumers under 20 as they most likely aren’t homeowners.
Option #2: Expand Product Lines
The next viable way to scale your small business is to expand your product or service lines. Where can you branch out? This could be entering a completely new market or finding ancillary functions that are in line with your current revenue streams.
Before you invest capital into a new product or service line, consider the customer demand. Many small business owners simply discover that they can do something else without completing the proper due diligence to test the feasibility.
Option #3: Build Brand Image
Brand loyalty transfers to repeat customers. If you can build a strong connection with new customers and offer an exceptional product or service, you are more likely to build brand image and create a repeat customer.
Show your customers why you are the best, whether that be through strong customer service or a free gift with every purchase. Brand image goes a long way with word-of-mouth advertising, which is a top marketing method.
Option #4: Bring on More Help
Sometimes scalability isn’t about adding more products or services, but bringing on more help to manage your current workflow. How much value can an additional employee provide you? If you are struggling to maintain your accounting records, consider hiring an office employee or outsourcing to a qualified bookkeeper, like Gordian Financial.
Maybe you are struggling to properly advertise your products or services. In this case, you might want to reach out to affiliate marketers who receive a small commission for each sale they coordinate.
Option #5: Review Market Feedback
What do consumers actually think of your business? Understanding consumer perception is a great starting point when it comes to finding solutions to scale your business. If customers feel like your customer service takes too long, this is an indication to hire a customer service representative. Uncover what customers truly think to find the next steps to take.
Summary
Scaling your small business doesn’t have to be a journey you work through alone. The team at Gordian Financial offers consulting services tailored to your specific business needs, allowing you to find the right strategies for your business. Reach out today for more information.
